Brinker Int'l (EAT) PT Raised to $83 at Citi

Citi raised its price target on Brinker Int'l (NYSE: EAT) to $83.00 (from $69.00) while maintaining a Neutral rating.

The analyst comments "Chili’s stood out as a clear traffic/category winner in the C3Q on the back of product innovation (Smashburger, Triple Dipper and Nashville hot mozzarella), elevated media presence, investment in ops (e.g., bussers), and we see upside to Street F1Q comp/EPS on the back of this strength. With the stock up ~19% over the past month and valuation sitting near multi- year highs (absolute and relative), investors haven’t missed this comp strength. However, there is a growing chorus of bears questioning the sustainability of comp growth and how that ultimately layers into valuation, meaning any hiccups in results/outlook could lead to a volatile reaction for shares."

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